EHang (EH) reported earnings on Thur 22 Aug 24 (b/o)

• Quarterly Revenues Up 919.6% YoY, Highest Growth Rate in Company History
• Sizeable New Orders in China (Shanxi, Zhejiang and Hong Kong)
• Pilotless eVTOL Air Operator Certificate Applications Accepted by CAAC
• Partnered with China Southern Airlines General Aviation for Collaborative eVTOL Operation
• Strategic Collaboration with MLG and ADIO in UAE, Debut Flights in UAE and Saudi Arabia
• Partnered with GBT to Develop Ultra-Fast/eXtreme Fast Charging Battery Solutions

Ticker:  EH

 ** charts after earnings **

** The following day **

GUANGZHOU, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Financial and Operational Highlights for the Second Quarter 2024

• Sales and deliveries of EH216 series products1 were 49 units, the highest quarterly delivery volume in the Company’s history, compared with 5 units in the second quarter of 2023, and 26 units in the first quarter of 2024.
• Total revenues reached a record high of RMB102.0 million (US$14.0 million), representing an increase of 919.6% from RMB10.0 million in the second quarter of 2023, and an increase of 65.3% from RMB61.7 million in the first quarter of 2024.
• Gross margin was 62.4%, representing a 2.2 percentage points increase from 60.2% in the second quarter of 2023, and a 0.5 percentage points increase from 61.9% in the first quarter of 2024.
• Operating loss was RMB77.4 million (US$10.7 million), representing a slight increase of 2.8% from RMB75.3 million in the second quarter of 2023 and an increase of 17.6% from RMB65.8 million in the first quarter of 2024.
• Adjusted operating loss2 (non-GAAP) was RMB4.7 million (US$0.6 million), representing a 90.9% improvement from RMB51.3 million in the second quarter of 2023, and a 62.9% improvement from RMB12.6 million in the first quarter of 2024.